This one's not going down that easy. It hasn't mattered all that much how companies have been doing, so don't think that Texas Instruments (NYSE: TXN) (Cramer's Take) and FedEx (NYSE: FDX) (Cramer's Take) can create any more of a rout on the downside than Du Pont (NYSE: DD) (Cramer's Take), Dow Chemical (NYSE: DOW) (Cramer's Take) or 3M (NYSE: MMM) (Cramer's Take).
The whole source of this rally is President Bush, meaning that each day we come closer to getting rid of him is a day where the market is better. If you haven't figured this out you would be shorting the heck out of this market. Consider that in the last few days we had downgrades, shortfalls, job cuts and negative news on several major Dow Jones Industrial Average stocks and that hasn't stopped the Dow.
Now, in the end I am with Doug Kass, who caught a great trading move and exited into the bell. I get that. We are more than plus-5 on the oscillator where I have always forbidden myself from buying and insist on selling. The market was giddy Monday, Deere (NYSE: DE) (Cramer's Take) up 20% on no news, and my non-Obama infrastructure play, Foster Wheeler (NASDAQ: FWLT) (Cramer's Take), up more than just about any other stock in the Nasdaq 100.
I am just saying the uniformity with which everyone greeted "the end of the move" after the FedEx news (shocker, really?) and Texas Instruments (have they ever delivered?) seems a little fatuous given that we have been going up for days for no reason other than Citigroup's (NYSE: C) (Cramer's Take) not going under and Obama's not Bush.
Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Deere and Foster Wheeler.
Closing Bell: What sell-off? (AIG, ABK, EPR, MBI, JAVA, ORCL, ERTS)
Chasing Value: 2009 blazing picks -- Q3 review 
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Reader Comments (Page 1 of 1)
12-09-2008 @ 10:41AM
willy the impeached said...
Ha! Good one. Wait its not April 1? So the Dow tanking 2000 after Obama won is NOT related to his love of increased taxes? But now that the market is recovering after Obama promising to not impose full on socialism at his daily press conferences, its somehow joy over Bush leaving?
Wow, Pravda would be proud!
I'm curious, when did the markets decide that they loved socialism so much?
12-09-2008 @ 2:50PM
Andy said...
Hmmmm...I gotta dissagree on this one. Obama's popularity in the polls after the primaries is almost an opposite climb to the market slide. This has been attributed to many things (gas, credit woes...etc) but now that it's climbed a little it's because Bush is leaving ? I don't buy that. Obama is new and everyone loves new...Whatever he says people applaud...I suspect it will quiet down once the tab for the "2 million jobs road program" starts coming due.
12-09-2008 @ 2:14PM
Bob said...
I read that part of Obama's plan to create 2 million jobs is to change to energy efficient light bulbs in federal buidlings.
So, How many Federal employees does it take to screw in a light bulb.......
12-09-2008 @ 7:34PM
BELLCORD said...
SPIN IT ANYWAY YOU WANT BUT WHAT IS PERCIEVED AS THE WORST PRESIDENT IN LIVING MEMORY IS FINALLY GETTING THE HELL OFF THE STAGE AND WHAT APPEARS TO BE A BRIGHT GUY IS REPLACING HIM..
12-10-2008 @ 2:26AM
Larry88 said...
Willie that's what I've been saying all along, I read a article today that Obama is planing to go ahead with those increases so I believe in the next week or so the markets will drop 1000 plus when people see what lies ahead. also read the a article in USA\Today where the government has declared war on what manufacturing is still in this country.
I have a lot of money wanting to put in the market put after I saw that article (Obama's Plan) I'm just going to leave it alone. and after reading Jim cramer's article I feel good about it!
12-11-2008 @ 4:12PM
GEORGE said...
REPUBLICANS WOW. THE AUTO INDUSTRY SHOULD BE ASKING REPUBLICANS LIKE BUSH, CHENEY,COX, PAULSON AND GREENSPAN FOR THE BAILOUT MONEY. THEY SHOULD BE DEMANDING THAT ALL WASHINGTON POLITICIANS TAKE SALARY CUTS AND BENEFIT CUTS. THE MASSIVE BUDGET DEFICITS THEY CREATED AND THE HOUSING BUBBLE THEY LET WALL STREET GET AWAY WITH CREATED THIS MESS FOR THE AUTO INDUSTRY AND LAYED OFF WORKERS ALL AROUND THE COUNTRY.
12-29-2008 @ 11:42PM
Elmer said...
two points:
Jim you called right about 3M. However I am stock holder and will hold until Buckley opens the flood gates. You wait and see.
Point 2, not convinced Mr "O" will do anything except what fills his wants and needs. However I will take the $5000.00
per couple tax free check.
Hail to the Redskins